Reservoir Analysis Market Size, Share, Competitive Landscape and Trend Analysis Report, by Reservoir Type, Service and Application : Opportunity Analysis and Industry Forecast 2021-2030

Reservoir Analysis Market Outlook - 2030

The global reservoir analysis market size was valued at $8.1 billion in 2020, and is projected to reach $11.8 billion by 2030, growing at a CAGR of 3.8% from 2020 to 2030. Reservoir is a subsurface pool of hydrocarbon that occurs in porous or fractured rock formations, which are both, conventional and unconventional. Conventional reservoir hydrocarbons, such as oil and gas that are trapped by overlying rock formations are found easily by well drilling.

Unconventional reservoir hydrocarbons are trapped in rocks and have low permeability; thus, require special operation strategy to recover. Some of the finest examples of unconventional reservoirs are oil sand, gas hydrate deposit, tight gas sand, heavy hydrocarbon, bitumen, and others. Reservoir analysis plays a significant role in determining the fluid property, pressure in well, and flow rates of hydrocarbon. Moreover, they provide necessary inputs pertaining to design, engineering, construction, and completion of oil & gas projects. 

Reservoir analysis develops subsurface data to integrate analysis of rocks, pores, and fluids from various reservoirs. In addition, it calculates dynamic rock and fluid properties and gives reservoir model indirect measurements. These reservoirs produce oil, gas, and coal, which are used as energy and fuel in various applications, such as automotive, aviation, electricity generation, and others. In the recent years, the market has seen the development of drilling technology and software used in reservoir production. In line with this trend, the global reservoir analysis market is expected to grow at a notable CAGR during the forecast period. In this report, the global market is analyzed using the revenues generated by sales of reservoir analysis products

Upsurge in demand for energy globally is expected to boost the growth of the reservoir analysis market during the forecast period. Furthermore, growing focus on mature oil & gas fields and soaring developments across new sectors drive the market across different regions. However, high cost, risk of operation, and complexity pertaining to reservoir analysis are anticipated to hamper the market during the forecast period. Nevertheless, development in hydraulic fracturing technology and enhanced spending capacity on development and exploration tasks are expected to create new opportunities for the global reservoir analysis market. 

The reservoir analysis market is segmented on the basis of type, service, application, and region. On the basis of service, it is classified as conventional and unconventional. By service, it is categorized as geo modeling & reservoir simulation, data acquisition & monitoring, and reservoir sampling. On the basis of application, it is classified as onshore and offshore. On the basis of region, the market is analyzed into North America, Europe, Asia-Pacific, and LAMEA.

The key players profiled in this report include Baker Hughes, Inc., Core Laboratories, Emerson Electric Co., Expro Group, Geokinetics, Inc., Halliburton, Johnson Matthey, Schlumberger Limited, Trican Well Service Limited, and Weatherford International Ltd. 

Global Reservoir Analysis Market, By Reservoir Type

By type, the conventional segment dominated the global reservoir analysis market in 2020, and is projected to remain the fastest-growing segment during the forecast period. This is attributed to rising upstream activities across the globe.

Global Reservoir Analysis Market, By Service

By service, the data acquisition & monitoring segment dominated the global reservoir analysis market in 2020, and is projected to remain the fastest-growing segment during the forecast period. This is attributed due to rising R&D activities in oil & gas and rapid expansion of exploration of oil & gas.

Global Reservoir Analysis Market, By Application

By application, the onshore segment dominated the global reservoir analysis market in 2020, and is projected to remain the fastest-growing segment during the forecast period. This is attributed due to rise in onshore application in oil & gas.

Global Reservoir Analysis Market, By Region

By region, LAMEA dominated the global reservoir analysis market in 2020, and is projected to remain the fastest-growing segment during the forecast period. This is attributed to numerous factors such as a large proved reserves and onshore area in the region.

Key Benefits For Stakeholders

• The report provides an in-depth analysis of the global reservoir analysis market trends along with the current and future market forecast.
• This report highlights the key drivers, opportunities, and restraints of the market along with the impact analyses during the forecast period.
• Porter’s five forces analysis helps analyze the potential of the buyers & suppliers and the competitive scenario of the global market for strategy building.
• A comprehensive global reservoir analysis market analysis covers factors that drive and restrain the market growth.
• The qualitative data in this report aims on market dynamics, trends, and developments.

Impact Of Covid-19 On Global Reservoir Analysis Market

• The International Energy Agency projected that oil & gas revenues for a number of key producers fell between 50% and 85% in 2020, compared to 2019, yet the losses are expected to be larger, depending on future market developments. With overall calculation of oil & gas demand, the oil & gas industry witnessed significant decline, thereby impacting the reservoir analysis market, which is completely dependent on the oil & gas industry. 
• Furthermore, import and export activities were significantly impacted, which, in turn, adversely affected the oil & gas industry, which, in turn, impacted the reservoir analysis market growth. 
• According to the UNIDO, 30.0–70.0% of pre-COVID-19 workforce of various industries, such as construction and mills, migrated back to their hometown, due to uncertainties and loss of income during the lockdown. This unavailability or less availability of workforce is expected to directly affect the production activities, thereby declining the demand for raw materials used in drilling. This is expected to restrain the growth of the market during the forecast period. 
• U.S. shale oil & gas demand plummeted, prices collapsed, and bankruptcies were announced at exceptional rates due to the uncertainties in crude oil and natural gas prices, Break-Even (BE) prices for fracking operations, financial and technical constraints within the industry, global hydrocarbon demand development, political and regulatory factors in the US, and environmental and societal sustainability 
• The U.S. shale industry registered net negative free cash flows of $300 billion, impaired more than $450 billion of invested capital, and saw more than 190 bankruptcies since 2010. However, there is negative impact on global reservoir analysis market.
• The emergence of COVID-19 has coincided with a core oil market management dispute, which mainly involves the market shares commanded by Saudi Arabia (the largest sovereign producer among the OPEC membership) and Russia, which along with Mexico and occasionally Norway, has cooperated with OPEC as “OPEC+”. Oil market management disputes inevitably result in lower prices, and so the global oil industry finds itself reeling from the combined effects of OPEC+ disarray and ultra-low global demand caused by the pandemic.
• The decline was widespread, with record declines in both OECD (-4.8%) and non-OECD (-3.9%) countries. The US (the world’s 2nd-largest energy producer), saw a decline of 5.3%, the largest decline in the world last year, and the largest domestic decline on record. Production of all fossil fuels, nuclear power, and biofuels declined.
• The price effects of the economic slowdown following the COVID-19 pandemic contributed to reductions in U.S. petroleum and natural gas reserves in 2020. Proved reserves of crude oil and lease condensate decreased by 9 billion barrels in 2020, a decline of 19%, and proved reserves of natural gas decreased by just over 22 trillion cubic feet (TCF), a decline of 4%.
• Globally, natural gas production also saw a record decline, falling by 3.3%.  Yet none of the global top ten producers suffered a record decline, rather, the decline of natural gas production was broadly-based, with 40 of the 50 countries named in bp’s production table seeing declining output last year. As noted above, natural gas, unlike oil and total energy, saw global production decline more rapidly than demand, even without coordinated producer action as we saw with oil.
• Petroleum demand, which was largely inelastic, changing by one to three percent annually, slumped by more than 30 MMbbl/d in April 2020. Lockdowns of several nations across the world caused drastic changes in the crude oil market. Oil prices decisively broke the new normal of $50–60/bbl, with West Texas Intermediate (WTI) May futures prices falling even below zero (-$37/ bbl) because of low liquidity and limited available storage. Although the sub-zero price was a temporary dislocation, this intense volatility highlights the fragile state of the industry.
• According to the Organization for Economic Co-operation and Development (OECD), a surge in the price of crude oil began during the lockdown, due to extensive supply and less demand which increased the production of electricity. However, there is no impact of COVID-19 on the reservoir analysis market, due to the extensive production of oil.
• COVID-19 impacted almost all industries by hindering various industrial operations and disrupting the supply chain. Maximum companies halted their operation due to less workforce. However, there is a sluggish decline in the global reservoir analysis market due to impact of COVID-19. 
• Furthermore, import and export activities were significantly impacted, which, in turn, adversely affected the industries using reservoir analysis and thereby affecting the global reservoir analysis market. 

  Reservoir Analysis Market Report Highlights